Crypto.Com Experiences Mass Withdrawals, Is CRO the Next FTT?

The past weekend was no less than a nightmare for the crypto space, as market participants and influencers went against Crypto.com. Similar to that of FTX, Crypto.com also had huge CRO and SHIB in their reserves which created huge panic within the market. The rounds of the platform facing liquidity issues quickly circulated within the space, due to which the CRO price was very badly affected. 

It all began when the platform accidentally transferred nearly 400 ETH from Crypto.com to the gate gate Centralised Exchange Followers : 0 View profile wallet a fortnight ago. While the CDC stated that these tokens had to be sent to their cold wallet, they were transferred to a whitelisted corporate address. Meanwhile, many believed that it was just another coverup for the proof-of-reserve with changpeng zhao changpeng zhao founder and ceo at Binance Changpeng Zhao is the Founder and Chief Executive Officer at Binance.His contribution to the enhancement of Binance made the platform world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the blockchain network Binance Smart Chain which has made a remarkable contribution to the development of the decentralized finance ecosystem. Whereas in 2019, he launched Binance’s US affiliate, Binance.US.  
He is commonly known as CZ, a Chinese-Canadian Business Executive who has been ranked 113th richest in the globe as of 2022. In the past, he founded Fusion Systems, a trading system for brokers famous for some of the fastest high-frequency trading systems for brokers. Zhao has served as a member of the team that developed Blockchain.info and played the role of Chief Technology Officer of OKCoin, a secure cryptocurrency exchange platform for Bitcoin, Ethereum, Dogecoin, and other crypto assets. EntrepreneurInvestorChief Executive Officer Followers : 0 View profile . 

On the other hand, the outgoing transactions spiked high on CDC with more than 20K while the incoming transaction maintained a single-digit value

Meanwhile, the CDC has still not undergone full scrutiny as $1 billion is claimed to have been sent to FTX but turns out to be an actual exposure of only $10 million. However, the founder cleared up the claims and said that the platform has very little exposure to FTX and is used in trading venues to hedge customers’ trades. According to the CDC founder kris marszalek kris marszalek ceo at crypto.com Kris Marszalek is an enthusiastic crypto entrepreneur and an active and true believer. Being a professional is the Chief Executive Officer at Crypto.com, built on a substantial establishment of security, privacy, and compliance and is the first cryptocurrency company across the world to have ISO/IEC, CCSS Level 3, PCI level 1 compliance, and autonomously assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks. He associates and encourages startups to enhance their business and meet their aims.He along with his team of Crypto.com collaborated with Pay and Shopify, offering millions of merchants to accept crypto. He believes one of their core values at Crypto.com is to Remain Humble which means they don’t seek the limelight, always try to take the high road, and do the right thing. He always tends to ignore the noise, and prove people wrong with actions, not words.He is extremely experienced with 18+ years of experience, he previously, served in numerous respected and well-established organizations including Starline Polska Sp. z o.o., an award-winning Consumer Electronics design studio and manufacturing business as Co-founder & Senior Vice President, Co-founder & CEO at YIYI Hong Kong Limited, and BEECRAZY, one of the leading e-commerce business in Hong Kong, and CEO at Ensogo which was listed on Australian Security Exchange.He acquires a deep knowledge of innumerable skillfulness including Business Development, Business Strategy, E-commerce, Online Advertising, Mobile application, Digital strategy, Email Marketing, and Strategic Partnerships. He experienced growth and stability with Crypto.com which was encouraged by the launch of Defi Swap and he never stopped promotional campaigns. The platform announced imperiously that it has received provisional approval for a virtual asset MVP License from the Dubai Virtual Asset Regulatory Authority. At present, it serves over 10 million customers with the world’s quickest growing crypto application. EntrepreneurChief Executive Officer Followers : 0 View profile , Coinbase also has $15 million stuck at FTX for the same reason. 

As a result, the platform recorded huge outflows of more than 90,000 Ethereum transactions against its normal range of 6,000 to 6,500 transactions per day. However, the crypto influencers do believe the CRO price may also follow the fate of FTT and do not appear to be convinced with the reserves of more than $2 billion, having nearly 34% in BTC and 21.56% in SHIB in their portfolio. 

Security has been in the spotlight in recent times, as the recent episode illustrates the normal routine of crypto exchanges. Moreover, it highlights the point when the market participants are quite sure about the project and when they fall into FUD & quickly withdraw.